Benchmark research · Long-Term Treasuries
ETFs and Stocks That Consistently Outperformed TLT (Long-Term Treasuries)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of TLT (iShares 20+ Year Treasury Bond ETF), we screened TLT against the entire market of over 10,000 stocks and ETFs across 8 different time windows from 1 month to 10 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 20, 2026.
Compare the entire market against TLT live →Key findings
- How hard it was to top TLT: It was easy for most eligible investments to outperform iShares 20+ Year Treasury Bond ETF. Of 957 eligible ETFs, 855, or 89%, outperformed in a majority of the short- and long-term periods, and 764 were all-weather. Among 1,502 eligible stocks, 996, or 66%, cleared the bar, and 628 were all-weather.
- Who came out ahead across the three groups:
- Popular alternatives: SPY, VTI, and VB each outperformed in all 5 short-term and all 3 long-term periods. Bond alternatives SHV, AGG, and IEF also cleared the bar in all those periods, while JNK, HYG, LQD, and TLH outperformed in 4 of 5 short-term and all 3 long-term periods. SGOV outperformed in 5 of 5 short-term and 2 of 3 long-term periods. No same-index funds were excluded.
- Top ETFs: Broad-market funds led the table, with 9 of the top ETFs in that category. Standouts include EQL, which had lower volatility than TLT, and DXJ, UGA, and IGV, which all outperformed in 5 of 5 short-term and 3 of 3 long-term periods.
- Top stocks: 996 stocks made the cut. The leading examples span technology, healthcare, consumer staples, and energy, including SHOP in technology, NTRA and LLY in healthcare, and COKE in consumer staples.
- The risk trade-off: Over 5 years, the top ETFs had median volatility of 17.4%, above TLT's 15.7%, and only 1 of 15 was less volatile. The top stocks had much larger swings, with median volatility of 52.2%. Still, all 15 top ETFs and all 10 top stocks had higher Sharpe ratios than TLT, meaning their returns per unit of risk were higher over that period.
How popular alternatives compare
Well-known funds and stocks investors often compare against TLT, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| TLT iShares 20+ Year Treasury Bond ETF (benchmark) | — | −1.6% | −3.7% | −6.1% | −5.1% | −8.8% | +9.0% | −33.1% | −20.1% | 15.7% | -0.44 |
| SPY Made the listState Street SPDR S&P 500 ETF | 5/5 short3/3 longAll-weather | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1%1.1× TLT | 0.79 |
| VTI Made the listVanguard Morningstar Total Stock Market ETF | 5/5 short3/3 longAll-weather | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5%1.1× TLT | 0.71 |
| VB Made the listVanguard Morningstar Small-Cap ETF | 5/5 short3/3 longAll-weather | −0.8% | −1.8% | +1.3% | +11.2% | +13.7% | +66.8% | +35.2% | +179% | 20.6%1.3× TLT | 0.40 |
| SHV Made the listiShares Trust iShares 0-1 Year Treasury Bond ETF | 5/5 short3/3 longAll-weather | +0.3% | +0.9% | +1.8% | +2.8% | +3.6% | +13.9% | +19.4% | +26.1% | 0.3%0.0× TLT | 12.09 |
| SHY Made the listiShares 1-3 Year Treasury Bond ETF | 5/5 short3/3 longAll-weather | +0.3% | −0.2% | −0.1% | +0.5% | +1.1% | +12.1% | +9.3% | +17.7% | 2.0%0.1× TLT | 0.89 |
| AGG Made the listiShares Core U.S. Aggregate Bond ETF | 5/5 short3/3 longAll-weather | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1%0.4× TLT | -0.02 |
| BND Made the listVanguard Total Bond Market ETF | 5/5 short3/3 longAll-weather | −0.6% | −2.0% | −2.8% | −1.8% | −2.1% | +15.7% | −1.8% | +13.2% | 6.1%0.4× TLT | -0.03 |
| IEF Made the listiShares 7-10 Year Treasury Bond ETF | 5/5 short3/3 longAll-weather | −0.6% | −2.8% | −4.2% | −3.5% | −4.1% | +12.4% | −8.0% | +3.0% | 7.7%0.5× TLT | -0.18 |
| JNK Made the listState Street SPDR Bloomberg High Yield Bond ETF | 4/5 short3/3 longAll-weather | −2.0% | −2.2% | −1.7% | −0.3% | +1.1% | +27.8% | +16.1% | +49.7% | 7.6%0.5× TLT | 0.43 |
| HYG Made the listiShares iBoxx $ High Yield Corporate Bond ETF | 4/5 short3/3 longAll-weather | −1.9% | −2.1% | −1.8% | −0.4% | +0.7% | +27.5% | +16.8% | +49.5% | 7.5%0.5× TLT | 0.45 |
| LQD Made the listiShares iBoxx $ Investment Grade Corporate Bond ETF | 4/5 short3/3 longAll-weather | −1.4% | −2.4% | −3.9% | −2.9% | −3.9% | +19.7% | −4.3% | +20.5% | 8.7%0.6× TLT | -0.06 |
| TLH Made the listiShares 10-20 Year Treasury Bond ETF | 4/5 short3/3 longAll-weather | −1.4% | −3.0% | −5.0% | −4.1% | −6.2% | +13.8% | −22.0% | −11.7% | 12.6%0.8× TLT | -0.34 |
| SGOV Made the listiShares 0-3 Month Treasury Bond ETF | 5/5 short2/3 long | +0.3% | +0.6% | +1.5% | +2.6% | +3.4% | +13.8% | +20.3% | — | 0.3%0.0× TLT | 13.25 |
ETFs that consistently outperformed TLT
Top 15 by long-term periods outperformed, then short-term, then by 10Y return. Green cells outperformed TLT in that period. Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Expense | Assets | |||
| — | TLT iShares 20+ Year Treasury Bond ETF (benchmark) | — | −1.6% | −3.7% | −6.1% | −5.1% | −8.8% | +9.0% | −33.1% | −20.1% | 15.7% | -0.44 | ||
| 1 | DXJ InternationalWisdomTree Japan Hedged Equity Fund | 5/5 short3/3 longAll-weather | 0.0% | +4.7% | +9.9% | +25.0% | +36.4% | +127% | +225% | +428% | 19.1%1.2× TLT | 1.34 | 0.48% | $8.1B |
| 2 | UGA CommoditiesUnited States Gasoline Fund, LP | 5/5 short3/3 longAll-weather | −0.9% | +16.9% | +40.5% | +130% | +130% | +111% | +221% | +399% | 35.1%2.2× TLT | 0.84 | 1.08% | $167M |
| 3 | EQL Broad MarketALPS Equal Sector Weight ETF | 5/5 short3/3 longAll-weather | +1.7% | +3.0% | +5.1% | +12.5% | +14.2% | +76.7% | +88.1% | +387% | 14.5%0.9× TLT | 0.94 | 0.19% | $781M |
| 4 | IGV Broad MarketiShares Expanded Tech-Software Sector ETF | 5/5 short3/3 longAll-weather | −0.2% | +15.0% | +23.9% | +4.2% | −6.1% | +57.9% | +24.0% | +383% | 28.9%1.8× TLT | 0.29 | 0.38% | $15B |
| 5 | XONE BondsBondBloxx Bloomberg One Year Target Duration US Treasury ETF | 5/5 short3/3 longAll-weather | +0.3% | +0.7% | +1.3% | +2.1% | +2.9% | +13.6% | +161% | +379% | 43.5%2.8× TLT | 0.68 | 0.03% | $847M |
| 6 | OEF Broad MarketiShares S&P 100 ETF | 5/5 short3/3 longAll-weather | −1.1% | +4.6% | +10.4% | +12.6% | +14.8% | +98.4% | +94.8% | +367% | 17.8%1.1× TLT | 0.84 | 0.20% | $20B |
| 7 | IOO InternationaliShares Global 100 ETF | 5/5 short3/3 longAll-weather | −1.1% | +4.6% | +9.3% | +14.2% | +19.9% | +105% | +107% | +361% | 17.2%1.1× TLT | 0.94 | 0.40% | $9.2B |
| 8 | IWL Broad MarketiShares Russell Top 200 ETF | 5/5 short3/3 longAll-weather | −0.9% | +4.4% | +9.4% | +12.7% | +15.0% | +92.6% | +86.8% | +354% | 17.3%1.1× TLT | 0.81 | 0.15% | $2.2B |
| 9 | MGC Broad MarketVanguard Morningstar Mega Cap ETF | 5/5 short3/3 longAll-weather | −1.0% | +4.4% | +10.0% | +13.6% | +16.0% | +94.9% | +87.8% | +353% | 17.4%1.1× TLT | 0.81 | 0.05% | $11B |
| 10 | BNO CommoditiesUnited States Brent Oil Fund LP | 5/5 short3/3 longAll-weather | +13.6% | +35.6% | +40.9% | +137% | +141% | +108% | +196% | +348% | 37.1%2.4× TLT | 0.77 | 1.15% | $768M |
| 11 | CRAK EnergyVanEck Oil Refiners ETF | 5/5 short3/3 longAll-weather | +1.6% | +20.3% | +41.5% | +73.9% | +81.5% | +121% | +146% | +336% | 20.9%1.3× TLT | 0.97 | 0.61% | $810M |
| 12 | SPYM Broad MarketState Street SPDR Portfolio S&P 500 ETF | 5/5 short3/3 longAll-weather | −0.5% | +3.9% | +9.1% | +13.5% | +15.9% | +89.8% | +82.5% | +324% | 16.9%1.1× TLT | 0.80 | 0.02% | $184B |
| 13 | VV Broad MarketVanguard Morningstar Large-Cap ETF | 5/5 short3/3 longAll-weather | −0.7% | +3.9% | +9.4% | +13.4% | +15.4% | +90.6% | +78.8% | +324% | 17.3%1.1× TLT | 0.76 | 0.03% | $76B |
| 14 | VOO Broad MarketVanguard S&P 500 ETF | 5/5 short3/3 longAll-weather | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 16.9%1.1× TLT | 0.80 | 0.03% | $1.7T |
| 15 | IVV Broad MarketiShares Core S&P 500 ETF | 5/5 short3/3 longAll-weather | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 17.0%1.1× TLT | 0.80 | 0.03% | $880B |
Stocks that consistently outperformed TLT
Top 10 by long-term periods outperformed, then short-term, then by 10Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | TLT iShares 20+ Year Treasury Bond ETF (benchmark) | — | −1.6% | −3.7% | −6.1% | −5.1% | −8.8% | +9.0% | −33.1% | −20.1% | 15.7% | -0.44 | |
| 1 | SHOP Software - ApplicationShopify Inc. | 5/5 short3/3 longAll-weather | +25.8% | +39.4% | +28.4% | +10.4% | +5.3% | +239% | +16.6% | +3,916% | 66.9%4.3× TLT | 0.38 | $225B |
| 2 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short3/3 longAll-weather | +9.5% | +54.6% | +95.4% | +77.4% | +115% | +896% | +261% | +3,841% | 57.6%3.7× TLT | 0.74 | $59B |
| 3 | MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc. | 5/5 short3/3 longAll-weather | −0.3% | +17.9% | +17.8% | +9.0% | +14.3% | +172% | +231% | +1,914% | 52.0%3.3× TLT | 0.70 | $17B |
| 4 | LLY Drug Manufacturers - GeneralEli Lilly and Company | 5/5 short3/3 longAll-weather | +10.2% | +12.1% | +40.0% | +19.4% | +59.7% | +124% | +451% | +1,807% | 32.8%2.1× TLT | 1.21 | $1.2T |
| 5 | CDNA Medical - Diagnostics & ResearchCareDx, Inc | 5/5 short3/3 longAll-weather | +27.4% | +80.3% | +225% | +262% | +355% | +1,203% | −3.8% | +1,634% | 79.5%5.1× TLT | 0.39 | $3.6B |
| 6 | CORT Medical - PharmaceuticalsCorcept Therapeutics Incorporated | 5/5 short3/3 longAll-weather | +2.4% | +27.2% | +151% | +205% | +48.2% | +317% | +498% | +1,593% | 75.9%4.8× TLT | 0.81 | $13B |
| 7 | COKE Beverages - Non-AlcoholicCoca-Cola Consolidated, Inc. | 5/5 short3/3 longAll-weather | +12.3% | +17.3% | +14.9% | +42.9% | +61.7% | +255% | +461% | +1,569% | 38.0%2.4× TLT | 1.10 | $14B |
| 8 | CVI Oil & Gas Refining & MarketingCVR Energy, Inc. | 5/5 short3/3 longAll-weather | +16.4% | +79.1% | +106% | +147% | +78.5% | +115% | +304% | +1,424% | 52.3%3.3× TLT | 0.80 | $6.2B |
| 9 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short3/3 longAll-weather | +18.1% | +51.1% | +123% | +191% | +159% | +234% | +690% | +1,387% | 33.4%2.1× TLT | 1.41 | $133B |
| 10 | URI Rental & Leasing ServicesUnited Rentals, Inc. | 5/5 short3/3 longAll-weather | +1.4% | +3.3% | +29.0% | +24.3% | +5.2% | +164% | +196% | +1,270% | 39.1%2.5× TLT | 0.75 | $65B |
What stands out
TLT holds long-term Treasury bonds, while the leading alternatives include broad-market and international funds, a gasoline fund, and software stocks. The broad mix of ETF categories suggests that the result was not limited to one investment theme. The selected stocks were more concentrated: healthcare companies were especially common among the table's leading names, alongside technology, consumer staples, and energy.
The screen required a long history and outperformance across both short- and long-term periods, so the results were not limited to recent gains. However, the higher volatility among the leaders shows that their stronger performance came with a bumpier ride, especially for stocks. Higher Sharpe ratios across every selected ETF and stock indicate that those larger swings were accompanied by stronger risk-adjusted returns over 5 years.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y, 10Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than TLT's. Returns within 0.5 points or 3% of TLT's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 10Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.